Although oil prices have been all the talk, given last week’s OPEC+ decision to add 1 million b/d of new supply, let’s hit on oil’s most important product: gasoline, where prices have been falling from their four-year highs. Crude oil (petroleum) of course is the main input to making gasoline, so the price of it accounts for most of the price of gasoline, 50% last year but almost 70% back in 2011. With “OPEC Deal a Fantastic Opportunity to Get Short WTI,” gasoline prices could fall further as U.S. crude production is closing in on another record of 11 million b/d.
